Decred (DCR) Almost Touched $100 on Absolute Trading Volume Record

DCR remained overlooked and its boom comes later compared to other assets.


by
Christine Masters,
2 hrs ago









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In just a few months, the hashrate for the Decred network has grown up to 10 times, to more than 3,000 TH/s. The levels are much lower compared to Bitcoin, but the sudden uptick looks like the mass addition of ASIC – the powerful specialized mining machines.

What is a bit worrying is that one entity, Coinmine.pl, controls 50% or more of the hashrate. While this has happened to other coins as well, it is a potential vector for a 51% attack, which is seen as the worst event that could happen to a network.

But if DCR achieves more prominence, the chief driver would be trading. Volumes for DCR spiked from almost nothing to consistent records, even higher compared to the December pumps. And while DCR achieved its Bitcoin peak in the summer of 2017, now it may become a more prominent selection, and recover both the dollar and BTC prices.

The trading profile of DCR is different to other prominent coins, which rely on Binance and the inflow of US-based investors there. But DCR is most actively traded on the now somewhat forgotten Poloniex and Bittrex. The return of Bittrex as one of the more active exchanges boosted DCR trading volumes to above $26 million. DCR has also been added to the niche Nanex exchange, trading for now in negligible volumes against NANO (XRB).